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    • Most Recent Insights
  1. Home
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  3. IRS Extends Individual Tax Filing Deadline to May 17

IRS Extends Individual Tax Filing Deadline to May 17

Posted by Sarah Russell and Margaret Amsden on March 18, 2021

Sarah Russell Sarah Russell

President Biden recently signed the American Rescue Plan Act of 2021 (ARPA) into law providing an additional round of relief to businesses and individuals. A key component of the law is the popular $1,400 economic stimulus payment to help those struggling with employment issues. As widely reported, the IRS issued 90 million stimulus payments within the last week and will issue more in the coming months. The ARPA also made the first $10,200 of unemployment benefits received in 2020 tax-free. This retroactive change to how unemployment benefits are taxed has made it almost impossible for the IRS to keep up. For this reason, on March 17, the IRS announced an extension of the April 15 filing deadline to May 17 for individual taxpayers. To help clients, prospects, and others, Clayton & McKervey has provided a summary of the key details below.

Key Extension Details

In the extension announcement, the IRS outlines the 30-day extension noting that it is automatic and individual taxpayers do not need to make a special election to qualify. Although formal guidance will be issued in the coming days, the extension also applies to any tax payments related to 2020, regardless of the amount, which would have otherwise been due. This means taxpayers will not incur penalties and interest if payment is made by the new May 17 deadline.

Estimated Tax Payments

The relief does not apply to estimated tax payments due on April 15, 2021. They are still due on the same date and there will be no waiver of penalties and interest for late payments.

Other Important Considerations

The IRS relief for victims of the February winter storms in Texas, Oklahoma, and Louisiana will not be impacted. These filers still have until June 15 to file and pay 2020 individual taxes. Additionally, keep in mind that the change in deadline only applies to individual filers; the extension does not impact other filers such as corporations or trusts, or entities with a fiscal year.

Contact Us

The extended filing deadline gives individuals more time to prepare or make updates to their tax returns. The state of Michigan recently extended the filing deadline for state income tax returns to May 17 as well. If you have questions about the information outlined above or need assistance with a tax or accounting issue, we can help. For additional information, call us at 248.208.8860 or contact us today. We look forward to speaking with you soon.

Our team is always ready to help.

Please contact us for more information.

Sarah Russell

Sarah Russell

Shareholder, Tax

Contact Sarah   |   Read Sarah's bio

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IRS Extends Individual Tax Filing Deadline to May 17

Posted by Sarah Russell on March 18, 2021

Sarah Russell

President Biden recently signed the American Rescue Plan Act of 2021 (ARPA) into law providing an additional round of relief to businesses and individuals. A key component of the law is the popular $1,400 economic stimulus payment to help those struggling with employment issues. As widely reported, the IRS issued 90 million stimulus payments within the last week and will issue more in the coming months. The ARPA also made the first $10,200 of unemployment benefits received in 2020 tax-free. This retroactive change to how unemployment benefits are taxed has made it almost impossible for the IRS to keep up. For this reason, on March 17, the IRS announced an extension of the April 15 filing deadline to May 17 for individual taxpayers. To help clients, prospects, and others, Clayton & McKervey has provided a summary of the key details below.

Key Extension Details

In the extension announcement, the IRS outlines the 30-day extension noting that it is automatic and individual taxpayers do not need to make a special election to qualify. Although formal guidance will be issued in the coming days, the extension also applies to any tax payments related to 2020, regardless of the amount, which would have otherwise been due. This means taxpayers will not incur penalties and interest if payment is made by the new May 17 deadline.

Estimated Tax Payments

The relief does not apply to estimated tax payments due on April 15, 2021. They are still due on the same date and there will be no waiver of penalties and interest for late payments.

Other Important Considerations

The IRS relief for victims of the February winter storms in Texas, Oklahoma, and Louisiana will not be impacted. These filers still have until June 15 to file and pay 2020 individual taxes. Additionally, keep in mind that the change in deadline only applies to individual filers; the extension does not impact other filers such as corporations or trusts, or entities with a fiscal year.

Contact Us

The extended filing deadline gives individuals more time to prepare or make updates to their tax returns. The state of Michigan recently extended the filing deadline for state income tax returns to May 17 as well. If you have questions about the information outlined above or need assistance with a tax or accounting issue, we can help. For additional information, call us at 248.208.8860 or contact us today. We look forward to speaking with you soon.

Our team is always ready to help.

Please contact us for more information.

Sarah Russell

Shareholder, Tax

Contact Sarah   |   Read Sarah's bio

related news

Financial Management: 4 Key Technology Transformations

The accounting industry looks a lot different these days than it did 10 years ago. From shifts towards data-driven strategy to the implementation of new technological tools, the profession has…

Read full story

5 Financial Considerations for Architecture and Engineering Firms

Working with walls, light, shadow and the properties of a nearly endless array of building materials, architects and engineers create the spaces in which we live and work. Some are…

Read full story

How to Increase Tax Savings with a Roth IRA-Owned IC-DISC

Did You Know Combining these Strategies Can Help You Save Even More Tax Dollars? Many business owners may already be aware of the very popular tax saving strategies that exist…

Read full story

Family-Owned Businesses: Succession Planning

In this episode of The Sound of Automation podcast, Frank Lashier III, COO of Dominion Technologies Group, Inc. joins us to talk about the challenges of transitioning a business within a…

Read full story

Clayton & McKervey Announces Appointment as Key Global Partner for the Centuro Global Network

Media Contact: Denise Asker, dasker@claytonmckervey.com; 248.936.9488 Southfield, Mich.—April 5, 2021—Clayton & McKervey, a certified public accounting and business advisory firm helping growth-driven companies compete in the global marketplace, is pleased…

Read full story

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